01383cam a22002297 4500001000600000003000500006005001700011008004100028100002600069245009700095260006600192490004100258500001600299520047800315530006100793538007200854538003600926710004200962830007601004856003701080856003601117w1326NBER20180319225941.0180319s1984 mau||||fs|||| 000 0 eng d1 aBlanchard, Olivier J.14aThe Lucas Critique and the Volcker Deflationh[electronic resource] /cOlivier J. Blanchard. aCambridge, Mass.bNational Bureau of Economic Researchc1984.1 aNBER working paper seriesvno. w1326 aApril 1984.3 aThis paper examines, in light of the Lucas Critique, the behavior of the Phillips curve and of the term structure of interest rates after October 1979. It starts with an informal account of the policy change and then discusses how we might expect these two relations to shift after such a change. It finds little evidence of a direct effect of the policy change on the Phillips curve, at least until 1982. It finds substantial evidence of a direct effect on term structure. aHardcopy version available to institutional subscribers. aSystem requirements: Adobe [Acrobat] Reader required for PDF files. aMode of access: World Wide Web.2 aNational Bureau of Economic Research. 0aWorking Paper Series (National Bureau of Economic Research)vno. w1326.4 uhttp://www.nber.org/papers/w132641uhttp://dx.doi.org/10.3386/w1326